Reinsurance Liability Sample Clauses
The Reinsurance Liability clause defines the obligations and responsibilities of the reinsurer in relation to the risks assumed from the original insurer. It typically specifies the extent to which the reinsurer is liable for losses, including any limits, exclusions, or conditions that apply to the coverage. For example, it may clarify whether the reinsurer's liability attaches only after the insurer has paid a claim or if it is triggered by the occurrence of a loss event. This clause is essential for ensuring both parties understand the scope of risk transfer and for preventing disputes over payment responsibilities in the event of a claim.
Reinsurance Liability. The reinsurance by the Reinsurer of the Reinsured Policies is subject to the same rates, conditions, limitations and restrictions as the insurance under the Reinsured Policies written by the Company on which the reinsurance is based. The liability of the Reinsurer hereunder on the terms described herein begins as of the Effective Time and, subject to Article IX hereof, the liability of the Reinsurer on any Reinsured Policy will terminate as and when all liability of the Company with respect to such Reinsured Policy terminates.
Reinsurance Liability. Reinsurance liability shall include indemnification of the Ceding Company by Allianz Life for amounts attributable to the Ceding Company's percentage share of (a) the contractual benefit on a policy reinsured under this agreement; and (b) any unusual expenses incurred by or reimbursed by the Ceding Company, arising from the defense or investigation of a claim for liability on a policy reinsured under this agreement or from the taking up or rescinding of such a policy.
Reinsurance Liability. Reinsurer's liability with respect to any Contractual Liability on any Reinsured Policy begins on the Effective Date and ends at the same time as that of the Company; provided, however, that Reinsurer will have no liability for any Contractual Liability incurred before the Effective Date, except for annuity claims in the course of settlement and annuity claims incurred but not reported which were included in the asset transfer. Reinsurer will not participate in any enhancement of policy provisions by the Company occurring from and after the Effective Date whether such enhancement is the result of a judgment, settlement, consent order or otherwise unless agreed to by Reinsurer in writing prior to granting of such enhancement, including enhancements agreed to by Reinsurer pursuant to Section 8.5. The payment of Premiums is a condition precedent to the continuing liability of Reinsurer under this Agreement. If Premiums with respect to this Agreement are not paid when due, to the extent such Premiums are in the possession of the Company and not otherwise collected directly by the Reinsurer pursuant to Article IV, Reinsurer shall have the right to provide to the Company forty-five (45) days' prior written notice (the "Initial Notice") of its intent to terminate because of the Company's failure to pay Premiums. If following forty-five days after delivery of the Initial Notice, Premiums with respect to this Agreement are not paid when due, Reinsurer shall have the further right to provide to the Company a second forty-five (45) days' prior written notice (the "Second Notice") of its intent to terminate because of the Company's failure to pay Premiums. Reinsurer shall use its commercially reasonable efforts to ensure that any such Second Notice shall be delivered both to the Chief Executive Officer of the Company and to its Chief Financial Officer. The Second Notice shall attach a copy of this Agreement and indicate on its face a reference to this provision. Reinsurance of all Reinsured Policies having Premiums in arrears shall terminate as of the date to which Premiums had previously been paid unless all such Premiums in arrears are paid before the end of the second forty-five (45) day notice period. No such termination shall become effective unless and until Reinsurer shall have delivered both the Initial Notice and the Second Notice and each of the 45-day cure periods described above and therein shall have ended without cure of the Company's failure to pay the ...
Reinsurance Liability. 7 ARTICLE III Plan and Amount of Insurance..........................................................................8
Reinsurance Liability. The liability of REALIC on any Reinsured Policy begins on the Effective Date. The liability of REALIC on any Reinsured Policy ends at the same time as that of the Company; however, REALIC will have no liability for claims incurred before the Effective Date.
Reinsurance Liability. The liability of Life Re on the reinsurance under this Agreement begins and ends at the same time the liability of the Company begins and ends regarding policies reinsured, but not before the execution of the policy conversion or exchange.
Reinsurance Liability. The liability of Life Re on any Reinsured Policy begins and ends at the same time as that of the Company; however, Life Re will have no liability for claims incurred before January 1, 1994.
Reinsurance Liability. All reinsurance provided hereunder shall be subject to the same clauses, rates, terms, conditions and endorsements as the Company's original policies insofar as they relate to the business covered pursuant to Article I hereunder. This Agreement and the reinsurance coverage provided hereunder is subject to the Company's maintaining its existing underwriting and pricing criteria. Changes or revisions in the Company's policies or rates shall not be made without the prior written approval of The Guardian. The maximum issue limit per person under each policy shall be as mandated by New York State, unless the Company has issued superstatutory coverage under its regular rate manual underwriting guidelines.